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“I believe more policy action is needed to reverse this trend,” Nagel said in an interview, noting that monthly surveys of households and businesses show a rise in long-term inflation expectations. The ECB has raised interest rates by a total of 250 basis points in 2022, and officials have said interest rate hikes will continue. Nagel noted that it would be wrong to delay raising interest rates because of fears that economic growth will slow down. Predicting that the German economy will avoid a sharp economic downturn and that there will be a moderate slowdown, Nagel said: “I am fully confident that we will bring inflation down over the medium term.” Nagel noted that they do not expect any wage and price spiral in the euro area and that the ECB should not allow inflation to become ossified.

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